The Ministry of Commerce (MOFCOM) Photo: VCG

China's ministry of commerce on Monday slammed the US' newly issued "piercing rule" on export controls, which extends the same restrictions to subsidiaries owned 50 percent or more by entities on the US Entity List, saying that the relevant rules are typical example of the US overextending national security concerns and abusing export controls.    

The move is extremely malicious in nature, seriously harming the legitimate rights and interests of the affected enterprises, severely disrupting international trade and economic order, and seriously undermining the security and stability of global industrial and supply chains, a spokesperson of the Ministry of Commerce (MOFCOM) said, adding that China firmly opposes this. 

"China urges the US to immediately correct its wrongful practice and stop the unreasonable suppression of Chinese companies. China will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises," said the spokesperson. 

Global Times